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Saturday, December 19, 2009

Sarana Multigriya bond's coupon tapped at 9.5%: Three years tenure bond not taken


as published in Bisnis Indonesia daily newspaper
Saturday, 19/12/2009 00:00 WIB

Sarana Multigriya bond's coupon tapped at 9.5%
Three years tenure bond not taken

JAKARTA: PT Sarana Multigriya Finansial (SMF) applied the II/2009 bond coupon with one year tenure is 9.5 percent with IDR400 billion demand or higher than the former target of IDR350 billion.

“The oversubscribed demand is deemed above IDR400 billion. But the emitter and underwriter do not intend to increase the issuance value as it aims to get the lower coupon and benefiting all parties,” said one of resources to Bisnis yesterday.

Other resource said the company does not take at all the three years tenured bonds due to the investors’ requested coupon is above 11 percent, meanwhile the company only prefers the under 10 percent coupon.

In the prospectus published by the company, SMF plans to use 90 percent of the fund tapped from the bond issuance to channel loan in the form of refinancing program. The rest is 10 percent is used by SMF to buy asset-backed securities (efek beragun aset/EBA).

Corporate Secretary of SMF Eko Ratrianto was not available for comment yesterday.

Director of PT Bahana Securities Andi Sidharta as the underwriter was neither available for comment yesterday. In the issuance, PT Bank Permata Tbk acted as the bond investors trusteeship board.

Director of SMF Sutomo conceded the coupon of that level. He said the proceeds raked up from the bond issuance will compensate the fund spent by SMF for Housing Loan.

The fund is meant to compensate the purchase of two series of Danareksa SMF-BTN EBA executed on the issuance of derivative securities. In the EBA issuance, SMF could become standby buyer which will buy the unabsorbed derivative securities by investors.

In total, the company has disbursed financing through capital market worth IDR1.43 trillion. The value is divided into two series of EBA worth IDR502 billion, and credit worth IDR500 billion to sharia unit of BTN worth IDR200 billion, and BNI Syariah worth IDR200 billion.

Besides, the other housing loan channeling has either been done through Bank DKI worth IDR30 billion and to three multifinance companies. Sutomo meant the companies here include PT Bhakti Finance, PT Ciptadana Multifinance, and PT Finansia Multifinance.

The value of credit channeling here exceeds the earlier target of IDR940 billion until this yearend.

President Director of SMF Erica Soeroto once said the company intended to have standardized sharia housing loan document which had been prepared this year and would be finalized in 2010. he said the company planned to disburse financing worth IDR450 billion next year.

“But, it should wait for the shareholders approval,” he said in the public expose of bond issuance II/2009.

The company has studied some investment managers to market mutual fund using asset-backed securities instruments issued twice by the company along this year.

The amount of derivative securities issuance here stood at IDR502 billion but mostly absorbed by the SMF as the standby buyer.

Later the retail investors could enjoy protected mutual funds which will be formed using asset-backed securities (EBA) particularly EBA DSMF-BTN 02/2009 recently issued by the company. “The coupon (of EBA) is still lucrative and better enjoyed by mutual fund investors either.” (21)

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